Matt and Patricia are husband and wife and live in Oregon. In 2010 and using her funds, Patricia purchased a residence for $400,
000, listing title to the property as "Matt and Patricia, joint tenants with right of survivorship." In 2020, Matt dies before Patricia when the residence is worth $2 million. A correct statement as to these transactions is:
In 2020, Matt’s gross estate includes $1 million and a marital deduction of $1 million is been allowed for estate tax purposes
Explanation:
Patricia is said to made a gift to Matt her husband in 2010 which is (50% ×$400,000) $200,000 which means marital deduction of an equal amount will be allowed for the gift tax purposes .
Matt’s gross estate also includes $1 million which is (50% ×$2 million) and will as well be offset by a marital deduction of an equal amount which is why the correct statement is:
In 2020, Matt’s gross estate includes $1 million and a marital deduction of $1 million is been allowed for estate tax purposes.
Wages of solar panel installers increase in another town and attract workers away from Billy's town.
Explanation:
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